Riordan Manufacturing Finance And Accounting Overview

2820 words - 11 pages

Riordan Manufacturing Finance and Accounting OverviewBSA 500November 12, 2012Riordan Manufacturing Finance and Accounting OverviewRiordan Manufacturing is a wholly owned subsidiary of Riordan Industries, a Fortune 500 company. The company is a global manufacturing company with projected annual earnings of $400 million, revenues of $1 billion dollars, and over 500 employees. It is also a leader in the plastic injection molding field. With state-of-the art design capabilities, Riordan is capable of creating innovative plastic designs which has earned the company international acclaim. Riordan's employees help to maintain their innovative, team-oriented, and climate focused work environment. It is stated that "Our R&D is, and will remain, the industry leader in identifying industry trends" and that they "will strive to be a solution provider for our customers and not be a part of our customers challenges" (Apollo Group, Inc., 2012).Founded by Dr. Riordan, Riordan has facilities in San Jose, California; Albany, Georgia; Pontiac, Michigan; and Hangzhou, China. Corporate headquarters is at the San Jose location. Each location is currently working with an independent Finance and Accounting systems(F&A), some that are from different vendors with different types of platforms and are incompatible with each other. There is a need to consolidate these systems into a consistent platform for consistent reporting.The task at hand is to have certain systems join into one land-based accounting system with a Windows based operating system. This is to ease the consolidation at month and year end. This will also allow for consistent reporting and enable the company to monitor the licenses needed for access to the system. A consolidated system will streamline the support needed to maintain the system and possibly show a recognizable savings on that support. Finally, the audit structure will show that the company is reporting correctly and avoiding any possible penalties for any false reporting.With operations spread over four locations and two countries, maintaining the accounting systems at all locations is critical to the success of Riordan Manufacturing. Each system, including the accounting system, has its own set of components. The components that are shared are basic components such as "General Ledger, Accounts Payable, Accounts Receivable, Order Entry, Sales and Purchasing History, Procurement, Invoice and Shipping, Payroll, and Financial Reporting" (Apollo Group, Inc., 2012). Other components that are basic, but only being used at the San Jose California are Electronic Data Interchange (EDI), Bar Code Reading, and Executive Decision Support System (EDDS) (Apollo Group, Inc., 2012). Currently these systems work independently of each other and are then consolidated with information sent to San Jose. The company has not been able...

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